Real Estate Glossary

Impact fees

Fees collected from developers of new homes to pay for schools, parks and other facilities.

Implied warranty of habitability

Court cases which determined that all new homes are assumed to be fit for human habitation and meet all building codes.

Impounds

A portion of the monthly mortgage payment that is placed in an account and used to pay for hazard insurance, property taxes and private mortgage insurance.

In-file credit report

Computer-generated reports drawn from credit repositories that are generally regarded as objective histories.

Income property

Property that is not occupied by the owner but is used to generate income.

Incurable defect

A defect in a property that cannot be fixed, such as an adjacent hazardous waste site, or that would cost too much to repair relative to the value of the property.

Index

Financial tables used by lenders to calculate interest rates on adjustable mortgages and on Treasury bills.

Individual Retirement Account

Tax-deferred savings accounts that allow people to accrue retirement funds.

Infill development

Any significant new construction in an established area.

Infill housing

Home construction in established areas.

Inflation

This event occurs when there is more money available than there are goods and services to be purchased. Mortgage rates, which are determined by the marketplace and the actions of the Federal Reserve Board and Wall Street, are sensitive to inflation fears.

Infrastructure

The roads, schools, parks, utilities, bridges and communications systems in a community.